2. What TurboTax knows about you
If you file your taxes with TurboTax, budget with the Mint app, or run a small business with QuickBooks, then Intuit — parent company of all those services — may know more about you than your bank does, Axios' Courtenay Brown reports.
- Why it matters: Intuit can cross-sell its own products as well as products and services from third parties — like a Capital One Platinum Credit Card or a loan from Lending Club — based on what it knows about you.
Details: TurboTax, the Intuit product with the biggest household name, collects the sensitive details necessary to do your taxes: your Social Security number, where you work, your income, whether you own a home, what deductions you're eligible for, and where you bank.
- By giving your information to TurboTax, you also give it to Intuit, which can share it with its other business lines. Intuit requires one account for all its products, though signing up for one does not automatically sign you up for all.
You can sync your accounts using your bank login and password so that Mint can "scrape" transactions, finding out what bills you have and when they're due.
- Come tax season, Mint can find 1099 tax documents from financial institutions linked to your account and import them to TurboTax.
What Intuit can do with your data without your permission is regulated, thanks to a rule that prohibits tax preparers from using your information to sell you other services without your permission.
- Whether or not you give permission, Intuit can share some information — such as late or missed payments, or other defaults on your account — with "credit bureaus, consumer reporting agencies, and card associations."
The response ... A spokesperson tells Axios via email: "Intuit does not sell customer data. Period."
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